Moody’s rates Greenland HK program Ba1

Moody's Investors Service said it assigned a provisional Ba1 senior unsecured rating to the medium-term note program of Greenland Hong Kong Holdings Ltd.

The outlook is stable.

Net proceeds will be applied for general corporate purposes, the development of domestic projects and repayment of existing debt.

The medium-term notes will be supported by a Deed of Equity Interest Purchase Undertaking and a Keepwell Deed between Greenland Holding Group Co. Ltd. (Baa3 stable), Greenland HK and the bond trustee.

"The MTN program will improve the debt maturity profile of Greenland HK," Moody's vice president and senior analyst Franco Leung said in a news release. "We expect its key credit metrics to weaken in 2014 before improving in 2015."

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